New Record High for Nasdaq Above 20K on A Strong Day for Stock Markets
Today risk sentiment was positive in financial markets, sending Nasdaq around 2% higher to a new record high, with European stock also trailing higher.
Strong earnings reports and optimistic forward guidance have fueled market optimism in the semiconductor and technology sectors. Early in the Asian session, China emerged as a focal point, with reports from Reuters suggesting that Beijing may consider devaluing the yuan next year to counter tariffs imposed by former President Trump. While the yuan’s decline pressured antipodean currencies, it bolstered stock markets, with European equities posting solid gains.
Nasdaq Composite Chart Daily – MAs Continue to Keep It Supported
Adding to the upbeat sentiment, the US CPI report provided a lift as housing prices, which accounted for nearly half of inflation, contributed to better performance in US stocks. Broadcom (AVGO) led the charge with exceptional gains, highlighting the semiconductor sector’s strength. Nvidia (NVDA) and AMD (AMD) also reflected optimism in chip manufacturing, reinforcing the sector’s positive outlook. Consumer-driven equities like Amazon (AMZN) and Tesla (TSLA) further showcased resilience, posting notable climbs and rounding out a broadly positive day in the markets.
Closing Prices for Main US Stock Indices
- Dow Jones: Fell by -99.27 points (-0.2%) to close at 44,148.
- S&P 500: Rose by +49.28 points (+0.8%) to close at 6,084.
- Nasdaq: Increased by +347.65 points (+1.8%) to close at 20,034.
- Russell 2000: Gained +11.38 points (+0.5%) to close at 2,394.
Main Stock Gainers for the Day:
- Tesla (TSLA): +4.8%
- Google (GOOGL): +4.6%
- Nvidia (NVDA): +3.5%
- Meta Platforms (META): +2.4%
- Amazon (AMZN): +2.1%
- Microsoft (MSFT): +1.2%
Notable Mention:
- Apple (AAPL): Slightly declined by -0.1%.
Daily Gain for European Bourses
- Stoxx 600: Closed with a gain of +0.3%, continuing its recent modest upward trend.
- German DAX: Increased by +0.4%, reflecting optimism in key sectors, particularly industrials and technology.
- France CAC 40: Rose by +0.4%, driven by strength in luxury goods and energy stocks.
- UK FTSE 100: Climbed +0.3%, bolstered by a rebound in mining and financial shares despite ongoing concerns about domestic growth.
- Spain IBEX 35: Declined sharply by -1.4%, underperforming its European peers due to weaker banking and tourism stocks.
- Italy’s FTSE MIB: Advanced +0.5%, supported by gains in utilities and financials, continuing its resilience amid broader economic challenges
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